Chatbot Global Market Report 2023: Advancements in Technology Coupled with Rising Customer Demand for Self-Service Operations Drive Growth

DUBLIN, May 22, 2023 /PRNewswire/ — The “Chatbot Market by Offering, Bot Communication (Text, Audio, & Video), Type, Business Function (Sales & Marketing, Contact Centers), Channel Integration, Vertical (Retail & eCommerce, Healthcare & Life Sciences) and Region – Global Forecast to 2028” report has been added to  ResearchAndMarkets.com’s offering.


The market for chatbot market is estimated to grow from USD 5.4 billion in 2023 to USD 15.5 billion by 2028, at a CAGR of 23.3% during the forecast period. Increasing focus on customer engagement through various channels and rising usage of generative models in chatbots to drive growth in the chatbot market. Chatbots can be a valuable tool for enterprises looking to improve customer service, reduce costs, and increase efficiency.

The services segment is expected to grow at a higher CAGR during the forecast period.

The global chatbot market is segmented based on offering solutions and services. Based on services segment is divided into managed services and professional services. The services segment is expected to grow at a higher CAGR during the forecast period. These services ensure faster and smoother implementation that maximizes the value of enterprise investments.

Voicebots segment to grow at a higher CAGR during the forecast period.

The global chatbot market is segmented based on type into menu-based, linguistic-based, keyword recognition-based, contextual, hybrid, and voicebots. The voicebots segment is expected to grow rapidly during the forecast period. Voicebots can respond quickly and accurately to inquiries, providing a seamless customer experience. Voicebots can be a cost-effective way to provide customer support, as they can handle a large volume of inquiries without the need for human intervention. This can help to reduce the workload of customer support teams and lower overall costs.

Among verticals, the retail and eCommerce segments hold the largest market size during the forecast period

Chatbots can benefit enterprises across various industries by improving customer service, reducing costs, and increasing efficiency. Across BFSI verticals, chatbots can provide customers with account information, answer inquiries about products and services, and help customers with transactions. This can help to improve customer service and reduce costs by automating routine tasks across BFSI verticals.

Asia Pacific to grow at a higher CAGR during the forecast period

The chatbot market has been segmented into five regions: North America, Europe, Asia Pacific, Middle East and Africa and Latin America. Asia Pacific is expected to gain traction in the coming years. Countries such as China, Singapore, Japan, South Korea, ANZ, and India offer ample of opportunities for the end users to leverage chatbots for more personalized recommendations in real-time . The Asia Pacific region has one of the largest and fastest-growing populations of internet and smartphone users. This has created a large market for chatbots, which can provide a convenient and efficient way for users to access information, products, and services.

Market Dynamics

Drivers

  • Advancements in Technology Coupled with Rising Customer Demand for Self-Service Operations
  • Growth in Need for 247 Customer Support at Lower Operational Costs
  • Increase in Focus on Customer Engagement Through Various Channels
  • Rising Usage of Generative Models in Chatbots

Restraints

  • Inability to Recognize Customer Intent and Respond Effectively
  • Accuracy Concerns Associated with Voice Authentication

Opportunities

  • Initiatives Toward Development of Self-Learning Chatbots to Deliver Human-Like Conversational Experience
  • Rise in Demand for Ai-Based Chatbots to Deliver Enhanced Customer Experience
  • Integration of Sentiment Analysis with Chatbots for Meaningful Customer Insights

Challenges

  • Lack of Awareness About the Effect of Chatbot Technology on Various Applications
  • Complex and Time-Consuming Setup and Maintenance

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview and Industry Trends

6 Chatbot Market, by Offering
6.1 Introduction
6.2 Solutions
6.2.1 Standalone
6.2.2 Web-Based
6.2.2.1 Rapid Growth in Chatbots to Drive Business Value and Enhance Customer Experience
6.2.3 Messaging-Based
6.2.3.1 Rising Popularity of Messaging Apps to Drive Market
6.2.4 Other Solutions
6.3 Services
6.3.1 Managed Services
6.3.2 Professional Services
6.3.2.1 Training and Consulting
6.3.2.1.1 Training and Consulting Services to Play Vital Role in Managing Operations and Technology Updates
6.3.2.2 System Integration and Implementation
6.3.2.2.1 Rising Need to Ensure Effective System Communications Led System Integration and Implementation Services to Gain Traction
6.3.2.3 Support and Maintenance
6.3.2.3.1 Demand for Support and Maintenance Services to Increase with Rising Chatbot Deployment

7 Chatbot Market, by Type
7.1 Introduction
7.1.1 Types: Market Drivers
7.2 Menu-Based
7.2.1 Streamlines Conversation and Provides Efficient User Experience
7.3 Linguistic-Based
7.3.1 Advances in Nlp Technology for Chatbots to Help Accurately Interpret Natural Language
7.4 Keyword Recognition-Based
7.4.1 Personalized Responses Based on User Data to Help Improve Customer Satisfaction and Loyalty
7.5 Contextual
7.5.1 Provides Personalized Experiences to Customers by Understanding Preferences
7.6 Hybrid
7.6.1 Provides Advanced and Personalized Chatbot Experiences
7.7 Voicebots
7.7.1 Increasing Usage of Voice Assistants to Boost Market

8 Chatbot Market, by Channel Integration
8.1 Introduction
8.2 Email and Website
8.2.1 Growing to Need to Provide Product Recommendations to Website Visitors
8.3 Mobile Apps
8.3.1 Rising Need for Personalized Recommendations and Responses Based on User Behavior and Preferences
8.4 Telephone/Ivr
8.4.1 Facilitates Conversations Between Customers and Businesses
8.5 Messaging Apps
8.5.1 Proliferation of Smartphones Offers Opportunities for Chatbot Solution Deployment
8.5.2 Social Messenger
8.5.3 Enterprise Messenger

9 Chatbot Market, by Bot Communication
9.1 Introduction
9.2 Text
9.2.1 Handles Multiple Customer Interactions with Reduced Waiting Time
9.3 Audio/Voice
9.3.1 Growing to Need for More Personalized Interface and Better Marketing Strategies to Boost Market
9.4 Video
9.4.1 Rise of Remote Work and Virtual Events to Propel Adoption of Video Chatbots Among Enterprises

10 Chatbot Market, by Business Function
10.1 Introduction
10.2 Human Resources
10.2.1 Hr Applications
10.2.2 Recruitment
10.2.2.1 Provides Effective Onboarding Process with Real-Time Feedback Analysis
10.2.3 Onboarding
10.2.3.1 Collects Information from Applicants and Suggests Long-Term Improvements
10.2.4 Survey
10.2.4.1 Provides Efficient Customer Support
10.2.5 Question Answering
10.2.5.1 Nlp Enables Chatbots to Respond to Users with Human-Like Conversations
10.2.6 Other Hr Applications
10.3 Sales and Marketing
10.3.1 Sales and Marketing Applications
10.3.2 Customer Engagement and Retention
10.3.2.1 Provides Instant, Personalized, and Convenient Service
10.3.3 Branding and Advertising
10.3.3.1 Provides Personalized Experiences and Targeted Messaging to Potential Customers
10.3.4 Campaign Management
10.3.4.1 Improves User Experience and Helps Create Personalized Interaction
10.3.5 Personalized Recommendation
10.3.5.1 Collects and Analyzes User Data in Real Time
10.3.6 Other Sales and Marketing Applications
10.4 Finance and Accounting
10.4.1 Finance and Accounting Applications
10.4.2 Customer Support
10.4.2.1 Provides Cost-Effective, Flexible, and Scalable Chatbot Systems
10.4.3 Procurement Management
10.4.3.1 Reduces Costs Associated with Manual Labor and Increases Efficiency
10.4.4 Expense Tracking and Reporting
10.4.4.1 Provides Comprehensive View of Financial Performance
10.4.5 Data Privacy and Compliance
10.4.5.1 Ensures Chatbots are Secure, Trustworthy, and Compliant with Legal Requirements
10.4.6 Other Finance and Accounting Applications
10.5 Information Technology Service Management
10.5.1 Itsm Applications
10.5.2 Incident Management
10.5.2.1 Provides Regular Updates on Status and Estimated Resolution Time
10.5.3 Cost Optimization
10.5.3.1 Eliminates Redundancy and Reduces Software Licensing Costs
10.5.4 Query Handling
10.5.4.1 Provides Better Customer Insights
10.5.5 Knowledge Management
10.5.5.1 Provides Personalized Responses to Users Based on History and Preferences
10.5.6 Other Itsm Applications
10.6 Operations and Supply Chain
10.6.1 Operations and Supply Chain Applications
10.6.2 Workflow Optimization
10.6.2.1 Offers Effective Business Operations Process
10.6.3 Scheduling and Routing
10.6.3.1 Rapid Growth in Chatbots Drives Business Value and Enhances Efficiency and Customer Experience
10.6.4 Inventory Management
10.6.4.1 Improves Efficiency and Accuracy of Orders
10.6.5 Vendor Engagement
10.6.5.1 Improves Efficiency, Reduces Costs, and Streamlines Supply Chain
10.6.6 Other Operations and Supply Chain Applications
10.7 Contact Centers
10.7.1 Contact Centers Applications
10.7.2 Agent Performance Management
10.7.2.1 Improves Agent Performance and Customer Satisfaction
10.7.3 Agent Workforce Management
10.7.3.1 Need to Schedule Training and Assist Firms to Manage Workforce
10.7.4 Question Answering
10.7.4.1 Improves Efficiency by Providing Fast and Accurate Answers
10.7.5 Customer Support and Feedback
10.7.5.1 Enhances Customer Support Services and Builds Stronger Customer Relationships
10.7.6 Other Contact Center Applications

11 Chatbot Market, by Vertical
11.1 Introduction
11.2 Banking, Financial Services, and Insurance
11.2.1 Chatbot Solutions to Help Reduce Fraud, Leverage Intelligent, Customer-Focused Marketing
11.2.2 Banking, Financial Services, and Insurance: Chatbot Use Cases
11.3 Energy and Utilities
11.3.1 Improves Customer Service, Increases Efficiency, and Reduces Costs
11.3.2 Energy and Utilities: Chatbot Use Cases
11.4 Retail and E-commerce
11.4.1 Chatbots Help in Retaining Customers, Collecting Feedback, and Driving Sales
11.4.2 Retail and E-commerce: Chatbot Use Cases
11.5 It and Ites
11.5.1 Provides More Personalized and Relevant Experience for Customers by Understanding Preferences
11.6 Travel and Hospitality
11.6.1 Growing Need to Provide Advanced and Personalized Chatbot Experiences
11.6.2 Travel and Hospitality: Chatbot Use Cases
11.7 Healthcare and Life Sciences
11.7.1 Increasing Need to Improve Accuracy of Symptom Collection and Ailment Identification
11.7.2 Healthcare and Life Sciences: Chatbot Use Cases
11.8 Media and Entertainment
11.8.1 Need to Improve Audience Engagement with Personalized User Experience
11.8.2 Media and Entertainment: Chatbot Use Cases
11.9 Government and Defense
11.9.1 Government Agencies and Defense Organizations to Improve Customer Service
11.9.2 Government and Defense: Chatbot Use Cases
11.10 Telecom
11.10.1 Provides Fast and Efficient Customer Services
11.10.2 Telecom: Chatbot Use Cases
11.11 Other Verticals

12 Chatbot Market, by Region

13 Competitive Landscape

14 Company Profiles

15 Adjacent and Related Markets

16 Appendix

Companies Mentioned

  • [24]7.Ai
  • Aivo
  • Artificial Solutions
  • Avaamo
  • AWS
  • Baidu
  • Botscrew
  • Botsify
  • Chatfuel
  • Conversica
  • Creative Virtual
  • Customers.Ai
  • Drift
  • Engati
  • Freshworks
  • Google
  • Gupshup
  • Haptik
  • IBM
  • Inbenta
  • Intercom
  • Kore.Ai
  • Landbot.Io
  • Liveperson
  • Meta
  • Microsoft
  • Openai
  • Oracle
  • Pandorabots
  • Personetics
  • Rasa
  • Salesforce
  • SAP
  • ServiceNow
  • Solvvy
  • Yellow.Ai

For more information about this report visit https://www.researchandmarkets.com/r/he1gd5

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